Banks to decrease time you can switch accounts
According to reports, chancellor George Osborne is looking at announcing a change in next week's Autumn Statement.
The original time limit of 30 days was reduced to a week last year.
The Treasury are expected to also extend its ‘switching guarantee’ to small businesses with a turnover of up to £6.5million. The guarantee is currently restricted to firms taking less than £2million.
This reduction in the time limit will encourage competition between banks and building societies, wherein they're expected to increase interest rates to attract new customers and switchers.
Rates on instant-access current accounts have been at a record low since July, and show no signs of improving. The average is now just 0.42%, below the Bank of England’s base rate of 0.5%.
So get switching if you've been complaining about your bank since forever.